What is a Prenuptial Agreement?
A “prenup” is a contract created by a couple before they get married. It typically lists all of the property each person owns, all of the debt each person has, and specifies what should be done with property rights and debt discharge if the marriage should dissolve. At Strazzullo Law & Associates, PLLC, our New York family lawyers have helped many clients understand their rights as individuals and couples. Our experts can help you and your spouse create a prenuptial agreement that creates security, understanding, and cooperation within a marriage.
A prenuptial agreement is not just for the wealthy, as many people believe. It is also not a certainty of divorce. A prenup has many different uses, including:
- Passing separate property to children from prior marriages. In the event of one spouse’s death, a prenup can be used to prevent the surviving spouse from claiming a large portion of the other spouse’s property, leaving much less for the children.
- Clarifying financial rights. Couples may use a prenup to clarify ffinancial rights and responsibilities during marriage so as to alleviate any financial insecurity or potential arguments about finances.
- Avoiding arguments in case of divorce. By specifying, up front, issues that come up in divorce, like property division and spousal support, potentially traumatic arguments can be avoided.
- Getting protection from debts. Without a prenup, creditors can sometimes turn to marital or community property to satisfy the debts of just one spouse.
If you do not make a prenuptial agreement, your state’s law will determine your property rights during your marriage, as well as in case of divorce or death.